Reader question:

How much does life insurance coverage cost?

Lucille

Good question.

How much does life insurance coverage cost? Well, that will depend on several factors, from the type and amount of coverage you buy, to how old you are, to your health problems and activities, to your financial situation, and more. However, after getting quotes for several different situations, I can give you an idea of what your payment should be around.

• How much does life insurance coverage cost?

I tried two different scenarios. One was a healthy, non smoking, young man. At the age of 30, he would have been paying around $27 a month for his life insurance policy. By the time he reached 40, it would have risen around $10. As for a 50 year old man, he would have been paying around $86 each month for a $500,000 term policy.

Then I tried an overweight young smoker who also purcahsed a term life insurance policy for $500,000. At the age of the 30, he would have been paying around $140 a month; at 40, more like $200; and then again at fifty, $500.

This is why it is so important to keep in shape.

take care,

Fashun